Fraud Has Moved Outside the Bank. Protection Should Too
Banks should be developing AI fraud detectors and encouraging customers to install them alongside banking apps. But they’re still investing in infrastructure protection.
Banks are investing more than ever in fraud detection. They are strengthening their infrastructure by upgrading core systems, deploying corporate email protection tools, tightening access controls for internal services, improving network security. Yet they continue to lose ground, because the fraud nowadays happens outside the bank's perimeter – in messenger apps, social media, or email.
At the same time, AI has made fraud more sophisticated and enabled fraudsters to operate at a much greater scale. How can financial institutions respond to this challenge? What are banks already doing, where are the gaps, and what tools do modern financial organizations need? I explore these questions in this article.
What are banks and other financial institutions doing?
Some of the most advanced banks in terms of cybersecurity today are...
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